One In Four Would Rather Get Into Further Debt Than Resist Temptation

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ONE IN FOUR WOULD RATHER GET INTO FURTHER DEBT

THAN RESIST TEMPTATION

With 73% of people in Britain spending money on replacing goods that didn’t need to be replaced last year, dealing with temptation is a hard task, especially in the run up to Christmas.  New figures from IFA Promotion, the organisation promoting the benefits of independent financial advice reveal that when faced with temptation, over a quarter of people will either dip into their savings, or worse still, use some form of credit in order to buy items immediately.

In the run up to this year’s annual ‘Buy nothing day’ (Saturday 29^th November) IFA Promotion, through its annual Get Saving! campaign, is calling for people to scale back on their spending and consider the consequences of exhausting savings accounts or delving further into debt, simply to buy things they don’t need.

We can’t resist temptation in pursuit of instant gratification…..

§         Existing borrowers are more likely to take on a further debt burden, as a quarter admits they would buy the product immediately.

§         Only 8% of 16-17 year olds and 13% of 18-24 year olds accepted they could not afford an item. 

§         A fifth of 18-24 year olds admitted they would happily resort to debt to obtain items immediately.

§         One in five people under the age of 55yrs admit they would rather borrow than wait and save for an item, or admit it was unaffordable.

§         40% of people who would purchase an item immediately, and use credit to do so, say they can’t afford to increase their monthly savings at the moment.

David Elms, Chief Executive of IFA Promotion comments, “These findings highlight the stark need for people to take control of their spending, especially in the run up to Christmas, when temptation is rife.  It seems that the notion of thrift is very much a thing of the past and worryingly budgeting has become very much a lost art form.

“Christmas is obviously a costly time for many, but we would urge people to resist temptation wherever possible, and think of the consequences come the New Year.  Overspending now is certainly going to take its toll long after the festivities have passed, especially with more interest rate rises expected next year.  This New Year financial headache will restrict people’s ability to save for a rainy day and plan for their long term financial security.  If people are confused about how best to manage their money at the moment, they should consider visiting a local independent financial adviser who can talk them through the options that best suit their individual needs”.

Call 0800 085 3250 or visit www.unbiased.co.uk/getsaving for IFA Promotion’s new Join the Saving Revolution guide, looking at why we need to save, and how you can budget to save more, and options for where to put any extra money.  You can also obtain details of local independent financial advisers to talk through the most suitable savings options for you.

For expert comment or case studies from over 170 media-friendly IFAs, journalists should call IFA Promotion’s Media Services hotline on 020 7294 3682 or search online in ‘Media Services’ at www.unbiased.co.uk

For further information call:

David Elms, CEO               Richard Winder/ Liz Willder

IFA Promotion                    Lansons Communications

020 7833 3131                   020 7294 3641 / 77 or lizw@lansons.com

For expert comment or case studies from over 170 media-friendly IFAs, journalists should call IFA Promotion’s Media Services hotline on 020 7294 3682 or search online in ‘Media Services’ at www.unbiased.co.uk

1.  Independent Financial Adviser Promotion

IFA Promotion was established in 1989 to promote the value and accessibility of independent financial advice to the public.  It represents over 10,000 firms of independent financial advisers across the UK and is sponsored by 27 leading financial institutions. In 2002, over 300,000 consumers and businesses used IFA Promotion to find local independent financial advice.

IFA Promotion believes Independent financial advice should be:

·        Affordable.  The option to take independent financial advice should be available, by right, to all - not just the wealthiest in society.

·        Convenient.  IFAs should be available in the location of the consumer’s choice, wherever they live in the UK.

·        Transparent.  It must be clearly transparent to consumers who is able to offer independent financial advice and who is not.

2.      Independent Financial Adviser Promotion’s sponsors

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